Donnarumma has established himself among the world's great goalkeepers at PSG after leaving AC Milan as a youngster.
Agent Enzo Raiola told Tuttosport: "There are still two years of contract, there is no rush. In any case there have been initial discussions for the renewal, on our part there is every will to stay.
"Return to Italy? I also say 'Never say never' but at the moment it is practically impossible."
On free agent Mario Balotelli, he said: "He would like to stay in Italy, he has had many requests from outside Europe but he would like to stay close to home. Palermo? When you talk about the Rosanero it's A2, not B."
Raiola also discussed young Inter Milan left-back Matteo Cocchi: "They see him as a young player with a certain potential, which is why they have extended his contract for another year, until 2027. We hope he can get closer to the first team this year, then we'll see. In my opinion he could already play among the professionals."